BIT – Half Year Report

LEGAL ENTITY IDENTIFIER: - 213800B9YWXL3X1VMZ69 29 June 2020

THE BANKERS INVESTMENT TRUST PLC
(“the Company”)

Unaudited results for the half-year ended 30 April 2020

This announcement contains regulated information

INVESTMENT OBJECTIVE
The Company aims over the long term to achieve capital growth in excess of the FTSE World Index and annual dividend
growth greater than inflation, as defined by the UK Retail Prices Index (‘RPI’), by investing in companies listed throughout
the world.

INVESTMENT POLICY
The following investment ranges apply:
Equities: 80% to 100%
Debt securities and cash investments: 0% to 20%
Investment trusts, collective funds and derivatives: 0% to 15%

To achieve an appropriate spread of investment risk the portfolio is broadly diversified by geography, sector and
company. The Manager (‘Janus Henderson’) has the flexibility to invest in any geographic region and any sector with no
set limits on individual country or sector exposures and, therefore, the make-up and weighting of the portfolio may differ
materially from the FTSE World Index.

The Manager primarily employs a bottom-up, value-based investment process to identify suitable opportunities and pays
particular regard to cash generation and dividends. The Board regularly monitors the Company’s investments and the
Manager’s investment activity.

The Company can, but normally does not, invest up to 15% of its gross assets in any other investment companies
(including listed investment trusts).

Derivatives
The Company may use financial instruments known as derivatives for the purpose of efficient portfolio management while
maintaining a level of risk consistent with the risk profile of the Company.

Gearing
The Company can borrow to make additional investments with the aim of achieving a return that is greater than the cost
of the borrowing. The Company can borrow up to 20% of net assets at the time of draw down.

PERFORMANCE HIGHLIGHTS
30 April 2020 30 April 2019
Net asset value
(‘NAV’) per share
1
907.1p 929.9p
Share price
3
904.0p 906.0p
Revenue return per share 7.85p 9.25p
Discount
(0.3)% (2.6)%
Dividends paid or declared in respect of the period
4
10.70p 10.20p

Total Return Performance to 30 April 2020 (including dividends reinvested and excluding transaction costs)
6 months
%
1 year
%
3 years
%
5 years
%
10 years
%
NA
V
1
-3.2 -0.2 21.8 53.6 161.9
Index
2
-5.3 -1.0 17.3 32.9 107.3
Share price
3
-1.4 2.0 26.4 60.7 208.4

1 Net asset value total return per share with income reinvested and with debt at par
2 Composite of FTSE All-Share Index for the period to 31 October 2017 and FTSE World Index from 1 November 2017 to 30 April 2020
3 Share price total return using mid-market closing price
4 First interim dividend for 2020 was paid on 29 May 2020, the second interim dividend has been declared and will be paid on 28 August 2020.

Sources: Morningstar for the AIC and Refinitiv Datastream

INTERIM MANAGEMENT REPORT

CHAIRMAN’S STATEMENT

I begin by acknowledging the devastating social and economic consequences of the COVID-19 pandemic. I
very much hope that you, our shareholders, are staying safe and well in these difficult times.

Review
The six months ended 30 April 2020 was a period of two halves. Our returns were positive for the first half of
the period under review and, in February, our net asset value (‘NAV’) and share price rose to all-time highs.
However, everything changed from late February into March as the pandemic spread rapidly across the globe,
major economies began to shut down and the social and economic implications started to become apparent.
This brought the record-breaking bull market to an abrupt end, with global equity markets experiencing some
of the largest and quickest falls in history. In an attempt to minimise the inevitable extensive economic
damage caused by the pandemic, governments in many of the major developed economies responded quickly
with the greatest monetary and fiscal stimulus since World War 2, leading to a rally, albeit volatile, in global
equity markets.

Over the six months ended 30 April 2020, our NAV total return was -3.2% and our share price total return was
-1.4%, both outperforming the FTSE World Index total return of -5.3%. All of our regional portfolios made
positive contributions to our overall portfolio performance over the period on a relative basis, except for our
Asia Pacific (ex Japan and China) portfolio which underperformed against its local benchmark index.

There was one change to our investment team during the period under review. Charlie Awdry, who managed
our China portfolio since its inception in 2013, decided to take a career break. The Board thanks Charlie for his
valuable contribution over the years and we wish him well for the future. We are pleased to welcome May Ling
Wee, who has worked with Charlie since 2015 and has over 20 years of investment experience, as manager of
our China portfolio. There will be no change to the investment process employed to select China stocks.

Since 30 April 2020, global equity markets have continued to recover and our NAV total return in the current
financial year to 26 June 2020 was 8.5%, which compares with a total return of 8.3% by our benchmark.

Revenue returns
One of the consequences of the pandemic is that some companies, particularly in the UK and Europe, have
sought to preserve their cash by cutting, postponing or cancelling their dividends (including, in some cases,
dividends already declared). This will have a meaningful impact on our income (and ultimately our net
revenue) for the current financial year, with most of the impact being felt in the second half of the year.

Our dividend income for the six months ended 30 April 2020 was £12.2 million compared to £13.6 million for
the same period last year, a reduction of 10.2%. Our net revenue for the six months was £9.8 million (2019:
£11.3 million), equivalent to 7.85p per share (2019: 9.25p).

Dividends
A first interim dividend of 5.35p (2019: 5.10p) per share was paid on 29 May 2020. The Board has declared a
second interim dividend of 5.35p (2019: 5.10p) per share, which will be payable on 28 August 2020 to
shareholders on the register on 24 July 2020.

The Company’s investment trust structure enables us to hold back some income in years of strong corporate
dividend growth to pay it out in leaner ones to support our dividend policy and to allow our Manager to focus
on optimising total returns for our shareholders in accordance with our overall investment objective and policy.
As indicated earlier, this year will be a leaner year in terms of income and we intend to draw on the revenue
reserve to support the Company's dividend policy. I am pleased, therefore, to be able to reiterate, on behalf of
the Board, our current intention to deliver dividend growth of approximately 3% for the current financial year,
resulting in aggregate dividends for the year of at least 21.5p (2019: 20.9p) per share.

Based on aggregate dividends of 21.5p per share for the current financial year and the number of shares
currently in issue, our revenue reserve at 30 April 2020, adjusted for the second interim dividend, represented
one times the cost of the current annual dividend.

Share issuance and buy-backs
A total of 5,400,000 treasury and new shares were issued at a premium to net asset value in the six months
ended 30 April 2020, raising gross proceeds of £53.8 million. These were our first issues for some three years.
Since the period end, a further 601,000 new shares have been issued, raising gross proceeds of £5.8 million.
The proceeds of the share issuances were invested into markets.

There have been no share buy-backs in the financial year to date.

Gearing
The Company began the current financial year with net cash of 3%. Having increased our investments in the
US and Europe during the market sell-off in March, we ended the period under review with net gearing of zero.

The Board
As announced on 11 March 2020, Richard West joined the Board on 1 April 2020, bringing valuable
investment experience from his extensive career in investment management, latterly at UBS Global Asset
Management.


Outlook
COVID-19 has caused substantial disruption to individuals, companies, economies and financial markets and
resulted in an immediate and severe economic contraction. As we are in the midst of a crisis that is without
parallel, history is a poor guide as to what the future might look like and there is an extreme divergence among
the forecasts of the longer term consequences of the pandemic. Some initial indicators show growth resuming
as economies re-open. In our view, it is too early to make reliable predictions as to the timing and shape of the
recovery. We do not anticipate, however, a return to a normalised situation and pre-crisis GDP levels any time
soon. Furthermore, until a vaccine is found and globally accessible, there is a risk of new spikes in the virus
requiring further localised lockdowns, which are likely to delay the return to normal and cause further economic
disruption.

Inevitably, the current crisis has tended to be all-consuming in recent months. We remain mindful, however,
that, there are other uncertainties that may cause additional disruption in the short term, including the re-
escalation of US-China trade tensions, President Trump's battle for re-election later in the year and the
possibility of a "hard" Brexit at the end of the year.

The rebound of global equity markets following the earlier sharp sell-off suggests a fragile belief that, whilst the
impact of COVID-19 has been shocking, it is largely temporary. In our opinion, it is too soon to judge whether
this belief is well founded and we expect, therefore, the recent elevated market volatility to persist for the
foreseeable future and that markets may experience some periodic setbacks.

In these uncertain and volatile conditions, it is important to remember that, over its long history, the Company
has navigated successfully its way through various financial and economic events, enabling it to deliver the
superior returns that can be achieved over a long term horizon.


Sue Inglis
Chairman

FUND MANAGER’S REPORT

Market review
The COVID-19 pandemic has tested us all in so many ways in recent months. We have witnessed economic
events rarely seen before as governments have shut down economies and cut links to the outside world.
Governments have enabled businesses to furlough up to a quarter of the working population in some cases,
by paying salaries through the shutdown to support these businesses and hopefully to allow them to survive
and then recover quicker when industries are reopened.

The global economy was already stagnating in the early part of the period under review and activity slowed
quickly after Christmas as China started to lockdown its population in response to a potentially deadly virus
outbreak in Wuhan. This led to a supply shock across the globe given China’s status as the dominant
manufacturer in so many industries. As the virus spread and it became apparent that isolating those affected
was not an adequate response, we saw a rapid demand shock as economies closed. There was no playbook
from history for policymakers, so their response has been drawn from the Great Financial Crisis a decade ago,
laying out a monetary response of massive proportions. Stock markets understandably fell very sharply in
March but then rebounded as investors initially chased defensive and technology shares as medical and online
spending patterns were positive for these companies.

In recent weeks cyclicals and energy stocks have led the way, fuelled by optimism of economic activity
recovering quickly. Europe has experienced the most prolonged and strictest lockdown conditions which has
disproportionally hit the local stock markets. The dominance of the leading technology companies in the US
has helped support their equity market despite the US experiencing an economic downturn equivalent to that
in Europe. Despite being at the epicentre of the outbreak the Asian markets have been most resilient, partly
through clearly better forward planning, but also shorter lockdowns and therefore diminished demand shock.

Performance
The regional portfolio returns in the six-month period to 30 April 2020 have benefited from a bias towards
quality factors, such as less leverage and higher returns on capital. The North American portfolio outperformed
its index by 8.1% over the period, followed by 6.9% outperformance in Europe, 5.7% in Japan and 2.9% in the
UK. The Pacific (ex Japan and China) was the only portfolio to underperform, lagging its index by 3.6%,
reflecting the higher yielding and more cyclical nature of this portfolio.

We have struggled to find value in many markets during the previous year and therefore had raised net cash to
3% at the year end. The market fall through March gave us the opportunity to deploy some of this cash and we
increased investment into Europe and the US resulting in a net gearing position of zero at the end of the
period.

Outlook
Share prices have responded to the massive monetary response and there is a degree of optimism that, while
the virus will linger, economies will open up and some degree of normality is ahead. We are wary that for some
industries the world has changed for the foreseeable future and we are not chasing the possible recovery
stocks in travel and hospitality industries although we have supported the new issuance by some existing
holdings.

Whilst the UK market has seen a significant reduction in dividends, we expect many of these companies to
start paying through the next year. We have many opportunities to seek dividends in overseas markets and
also our very low allocation to energy and banks has protected us from the worst sectors for cutting dividends.

The very sharp recovery in markets has made it difficult to deploy fully our cash and we remain on the lookout
for opportunities in the coming months should markets retrench. Our intention remains to seek long term
growth at reasonable prices and maintain discipline in selecting holdings.

Alex Crooke
Fund Manager

MANAGING OUR RISKS

The principal risks and uncertainties associated with the Company’s business are divided into the
following main areas:
 Investment Activity and Performance Risks
 Portfolio and Market Risks
 Tax, Legal and Regulatory Risks
 Financial Risks
 Operational and Cyber Risks

Information on these risks and uncertainties and how they are managed are given in the Annual Report for
the year ended 31 October 2019. In the view of the Board these principal risks and uncertainties are as
applicable to the remaining six months of the financial year as they were to the six months under review. In
reviewing the risk register, the Board has expanded Portfolio and Market Risks to cover more clearly global
emergencies such as the COVID-19 pandemic and the uncertainties that this can create in global markets,
both economically and politically, as set out in the Chairman’s Statement. The alternative investment fund
manager and the Company’s other third-party service providers remain fully operational and have
implemented appropriate business continuity plans to ensure that there has been no change in service
while the majority of staff are working from home.


DIRECTORS’ RESPONSIBILITY STATEMENT

The Directors confirm that, to the best of their knowledge:

(a) the condensed set of financial statements has been prepared in accordance with IAS 34;

(b) the interim management report includes a fair review of the information required by Disclosure
Guidance and Transparency Rule 4.2.7R (indication of important events during the first six
months and description of principal risks and uncertainties for the remaining six months of the
year); and

(c) the interim management report includes a fair review of the information required by Disclosure
Guidance and Transparency Rule 4.2.8R (disclosure of related party transactions and
changes therein).


For and on behalf of the Board of the Company
Sue Inglis
Chairman
29 June 2020


For further information contact:

Alex Crooke
Fund Manager
The Bankers Investment Trust PLC
Telephone: 020 7818 4447

Sue Inglis
Chairman
The Bankers Investment Trust PLC
Telephone: 020 7818 4233
James de Sausmarez
Director and Head of Investment Trusts
Janus Henderson Investors
Telephone: 020 7818 3349
Laura Thomas
PR Manager
Janus Henderson Investors
Telephone: 020 7818 2636

CONDENSED STATEMENT OF COMPREHENSIVE INCOME

(Unaudited)
Half-year ended
30 April 2020
(Unaudited)
Half-year ended
30 April 2019
(Audited)
Year ended
31 October 2019
Revenue
return
£'000
Capital
return
£'000

Total
£'000
Revenue
return
£'000
Capital
return
£'000

Total
£'000
Revenue
return
£'000
Capital
return
£'000

Total
£'000
(Losses)/gains from
investments held at fair
value through profit or loss
- (49,481) (49,481) - 82,146 82,146
- 105,376 105,376
Investment income
12,203 - 12,203 13,649 - 13,649
31,483 - 31,483
Other operating income
144 - 144 108 - 108
269 - 269
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Gross revenue and
capital gains/ (losses)
12,347 (49,481) (37,134) 13,757 82,146 95,903
31,752 105,376 137,128
---------- --------- --------- ---------- --------- --------- --------- --------- ---------
Expenses
Management fees (note 2)
(767) (1,788) (2,555) (691) (1,612) (2,303)
(1,437) (3,352) (4,789)
Other expenses
(511) - (511) (539) (539)
(1,009) - (1,009)
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Profit/(loss) before
finance costs and
taxation
11,069 (51,269) (40,200) 12,527 80,534 93,061
29,306 102,024 131,330





Finance costs
(454) (1,061) (1,515) (450) (1,050) (1,500)
(911) (2,126) (3,037)
--------- ---------- --------- --------- ---------- --------- --------- ---------- ---------
Profit/(loss) before
taxation
10,615 (52,330) (41,715) 12,077 79,484 91,561
28,395 99,898 128,293





Taxation
(775) - (775) (734) - (734)
(1,898) (3) (1,901)
--------- ----------- --------- --------- ---------- --------- --------- --------- ---------
Net profit/(loss) for the
period
9,840 (52,330) (42,490) 11,343 79,484 90,827
26,497 99,895 126,392
===== ======= ===== ===== ===== ===== ===== ====== ======
Earnings/(loss) per
ordinary share (note 3)
7.85p (41.76p) (33.91p) 9.25p 64.83p 74.08p
21.61p 81.48p 103.09p

The total columns of this statement represent the Statement of Comprehensive Income, prepared in accordance with IFRS
as adopted by the European Union. The revenue return and capital return columns are supplementary to this and are
prepared under guidance published by the Association of Investment Companies.

All income is attributable to the equity shareholders of The Bankers Investment Trust PLC.

The accompanying condensed notes are an integral part of the financial statements.

CONDENSED STATEMENT OF CHANGES IN EQUITY





Hal
f-year ended 30 April 2020 (Unaudited)
Called up
share
capital
£’000
Share
premium
account
£’000
Capital
redemption
reserve
£’000
Other
capital
reserves
£’000

Revenue
reserve
£’000


Total
£’000
Total equity at 1 November 2019 30,986 78,541 12,489 997,213 43,980 1,163,209
Total comprehensive income:
(Loss)/profit for the period - - - (52,330) 9,840 (42,490)
Transactions with owners, recorded
directly to equity:
Share issue proceeds 1,015 44,556 8,205 - 53,776
Share issue costs - (108) - - (108)
Payment of third interim dividend (5.35p) in
respect of the year ended 31 October 2019 - - - - (6,560) (6,560)
Payment of the final dividend (5.35p) in
respect of the year ended 31 October 2019 - - - - (6,685) (6,685)
---------- ---------- ---------- ---------- ---------- --------------
Total equity at 30 April 2020 32,001 122,989 12,489 953,088 40,575 1,161,142
====== ====== ====== ====== ====== ========




Half-year ended 30 April 2019 (Unaudited)
Called up
share
capital
£'000
Share
premium
account
£'000
Capital
redemption
reserve
£'000
Other
capital
reserves
£'000

Revenue
reserve
£'000


Total
£'000
Total equity at 1 November 2018 30,986 78,541 12,489 897,318 42,249 1,061,583
Total comprehensive income:
profit for the period - - - 79,484 11,343 90,827
Transactions with owners, recorded
directly to equity:
Payment of third interim dividend (5.00p) in
respect of the year ended 31 October 2018 - - - - (6,130) (6,130)
Payment of the final dividend (5.00p) in respect
of the year ended 31 October 2018 - - - - (6,130) (6,130)
---------- ---------- ---------- ---------- ---------- --------------
Total equity at 30 April 2019 30,986 78,541 12,489 976,802 41,332 1,140,150

====== ====== ====== ====== ====== ========





Year ended 31 October 2019 (Audited)
Called up
share
capital
£’000
Share
premium
account
£’000
Capital
redemption
reserve
£’000
Other
capital
reserves
£’000

Revenue
reserve
£’000

Total
£’000
Total equity at 1 November 2018 30,986 78,541 12,489 897,318 42,249 1,061,583
Total comprehensive income:
Profit for the yea
r - - - 99,895 26,497 126,392
Ordinary dividends paid - - - - (24,766) (24,766)
----------- ----------- ----------- ------------ ----------- -------------
Total equity at 31 October 2019 30,986 78,541 12,489 997,213 43,980 1,163,209
====== ====== ====== ====== ====== =======

The accompanying condensed notes are an integral part of the financial statements.

CONDENSED STATEMENT OF FINANCIAL POSITION


(Unaudited)
As at 30 April
2020
£’000
(Unaudited)
As at 30 April
2019
£’000
(Audited)
As at 31 October
2019
£’000



Non-current assets


Investments held at fair value through profit or loss 1,158,547 1,129,419 1,128,519
------------- ------------- -------------

Current assets
Investments held at fair value through profit or loss (note 4) 22,052 29,607 44,993
Other receivables 14,465 5,385 4,134
Cash and cash equivalents 38,774 42,027 54,944
------------ ------------ -------------
75,291 77,019 104,071
------------- ------------- --------------
Total assets 1,233,838 1,206,438 1,232,590
------------- ------------- --------------
Current liabilities
Other payables (7,869) (1,469) (4,558)
Bank loans - - -
------------ ------------ ------------
(7,869) (1,469) (4,558)
------------- ------------- -------------
Total assets less current liabilities 1,225,969 1,204,969 1,228,032

Non-current liabilities
Debenture stock (15,000) (15,000) (15,000)
Unsecured loan notes (49,827) (49,819) (49,823)
------------- ------------- --------------
Net assets 1,161,142 1,140,150 1,163,209
======== ======== ========

Equity attributable to equity shareholders
Share capital (note 5) 32,001 30,986 30,986
Share premium account 122,989 78,541 78,541
Capital redemption reserve 12,489 12,489 12,489
Retained earnings:
Other capital reserves 953,088 976,802 997,213
Revenue reserve
40,575 41,332 43,980
------------ ------------ -------------
Total equity 1,161,142 1,140,150
1,163,209
======= ======= =======
Net asset value per ordinary share (note 6)
907.1p 929.9p
948.7p

======= =======
======

The accompanying condensed notes are an integral part of the financial statements.

CONDENSED CASH FLOW STATEMENT




Reconciliation of profit before taxation to net cash flow from
operating activities.
(Unaudited)
Half-year ended
30 April
2020
£'000
(Unaudited)
Half-year ended
30 April
2019
£'000
(Audited)
Year ended
31 October
2019
£'000
Operating activities
Net (loss)/profit before taxation
(41,715) 91,561 128,293
Add: interest payable ('finance costs')
1,515 1,500 3,037
Add/(less): Losses / (gains) on investments held at fair value
throu
gh profit or loss
49,481 (82,146) (105,376)
Increase in accrued income
(1,600) (1,868) (42)
(Increase) / decrease in other receivables
(2,291) 24 (46)
(Decrease) / increase in other payables
(168) 43 253
Purchase of investments
(250,793) (145,370) (281,334)
Sales of investments
171,312 185,118 345,724
Purchases of current asset investments
(33,635) (33,452) (66,609)
Sales of current asset investments
56,576 21,850 39,621
(Increase)/decrease in securities sold for future settlement
(6,497) 1,257 854
Increase/(decrease) in securities purchased for future settlement
3,486 (1,931) 935

------------ ------------ -----------
Net cash (outflow)/inflow from operating activities before
interest and taxation
(54,329)

36,586
65,310
Interest paid
(1,515)
(1,521)
(3,037)
Taxation on investment income
(716)
(866)
(2,138)

------------ ------------ ------------
Net cash (outflow)/inflow from operating activities
(56,560) 34,199 60,135

======= ======= =======


Financing activities

Equity dividends paid (net of refund of unclaimed distributions)
(13,245) (12,260) (24,766)
Share issue proceeds
53,776 - -
Share issue costs
(108) - -

------------ ------------ ------------
Net cash inflow/(outflow) from financing activities
40,423 (12,260) (24,766)

------------ ------------ ------------


(Decrease)/increase in cash
(16,137) 21,939 35,369
Cash and cash equivalents at start of period
54,944 20,075 20,075
Exchange movements
(33) 13 (500)

----------- ----------- ------------
Cash and cash equivalents at end of period
38,774 42,027 54,944
======= ======= =======

The accompanying condensed notes are an integral part of the financial statements.

NOTES TO THE CONDENSED FINANCIAL STATEMENTS:

1.
Accounting policies
The Bankers Investment Trust PLC (‘the Company’) is a company incorporated and domiciled in the United
Kingdom under the Companies Act 2006.

These condensed financial statements comprise the unaudited results of the Company for the half-year
ended 30 April 2020. They have been prepared on a going concern basis and in accordance with
International Accounting Standard 34, ‘Interim Financial Reporting’, as adopted by the European Union and
with the Statement of Recommended Practice for Investment Trusts (‘SORP’) issued by the Association of
Investment Companies dated October 2019, where the SORP is consistent with the requirements of IFRS.

For the period under review, the Company's accounting policies have not varied from those described in the
annual report for the year ended 31 October 2019.

These financial statements have not been either audited or reviewed by the Company's Auditor.


2.
Management fees


(Unaudited) (Unaudited) (Audited)


Half-year ended
30 April 2020
Half-year ended
30 April 2019
Year ended
31 October 2019


Revenue
return
£’000
Capital
return
£’000
Total
£’000
Revenue
return
£’000
Capital
return
£’000
Total
£’000
Revenue
return
£’000
Capital
return
£’000
Total
£’000



Investment
management 767 1,788 2,555 691 1,612 2,303 1,437 3,352 4,789

===== ===== ==== ===== ===== ===== ===== ===== =====

The management fee is calculated on a quarterly basis as the aggregate of 0.45% per annum of the first £750
million and 0.40% per annum on the excess over £750 million of the value of the net assets on the last day of
the quarter immediately preceding the quarter in respect of which the calculation is made.

3. Earnin
gs per ordinary share
The earnings per ordinary share figure is based on the net loss for the half-year of £42,490,000 (30 April
2019: profit £90,827,000; 31 October 2019: profit £126,392,000) and on 125,305,959 (30 April 2019:
122,606,783; 31 October 2019: 122,606,783) ordinary shares, being the weighted average number of
ordinary shares in issue excluding treasury shares during the period.

The return per share detailed above can be further anal
ysed between revenue and capital, as below.

(Unaudited)
Half-year ended
30 April 2020
£'000
(Unaudited)
Half-year ended
30 April 2019
£'000
(Audited)
Year ended
31 October
2019
£'000



Revenue profit
9,840 11,343 26,497
Capital (loss)/profit
(52,330) 79,484 99,895

------------ ------------ ------------
Total (loss)/profit
(42,490) 90,827 126,392

======= ======= =======
Weighted average number of ordinary shares in
issue during each period excluding treasury
shares
125,305,959 122,606,783 122,606,783



Revenue earnin
gs per ordinary share
7.85p 9.25p
21.61p

Capital
(loss)/earnings per ordinary share
(41.76p) 64.83p
81.48p

------------ ------------ ------------
Total (loss)/earnings per ordinary share
(33.91p) 74.08p 103.09p

======= ======= =======

4. Current asset investment
The Company has a holding in the Deutsche Bank Global Liquidity Series Fund, a money market fund which
is viewed as a readily disposable store of value and which is used to invest cash balances that would
otherwise be placed on short-term deposit. At 30 April 2020 this holding had a value of £22,052,000 (30 April
2019: £29,607,000; 31 October 2019: £44,993,000).

5. Share capital
At 30 April 2020 there were 128,006,783 ordinary shares of 25p each in issue (30 April 2019: 123,945,292;
31 October 2019: 123,945,292). During the half-year ended 30 April 2020 1,338,509 shares were sold out of
treasury and 4,061,491 new shares were issued for a total consideration of £53,776,000 (30 April 2019 and
31 October 2019: no shares were issued or bought back).
Shares held in treasury do not have any voting
rights. At 30 April 2020 no shares were held in treasury (30 April 2019 and 31 October 2019: 1,338,509).


Since 30 April 2020 and up to 26 June 2020 a further 601,000 new shares were issued for a consideration of
£5.8 million.

6. Net asset value per ordinar
y share
The net asset value per ordinary share is based on the net assets attributable to equity shareholders of
£1,161,142,000 (30 April 2019: £1,140,150,000; 31 October 2019: £1,163,209,000) and on 128,006,783 (30
April 2019: 122,606,783; 31 October 2019: 122,606,783) ordinary shares, being the number of ordinary
shares in issue excluding treasury shares at the period end.

7. Bank loan
At 30 April 2020, the Company had drawn down £nil (30 April 2019 and 31 October 2019: £nil) of its £20
million multi-currency loan facility with Sumitomo Mitsui Banking Corporation Europe Limited (prior to that it
was with RBS Limited).

8. Related part
y transactions
The Company’s transactions with related parties during the period were with its Directors and Janus
Henderson. There have been no material transactions between the Company and its Directors during the
period other than the amounts paid to them in respect of Directors’ remuneration for which there were no
outstanding amounts payable at the period end.

In relation to the provision of services by Janus Henderson, other than fees payable by the Company in the
ordinary course of business and the provision of sales and marketing services, there have been no
transactions with Janus Henderson affecting the financial position or performance of the Company during the
period under review.

9. Financial instruments
At the period end the carrying value of financial assets approximates their fair value.

Financial Instruments Carried at Fair Value

Fair value hierarchy
The debenture stock and unsecured loan notes are valued at par in the Statement of Financial Position. The
fair value of the 8% debenture stock at 30 April 2020 was £18,312,000 (30 April 2019: £18,731,000; 31
October 2019: £18,713,000). The fair values are calculated using prices quoted on the exchange on which
the instruments trade and are categorised as Level 1 as described below. In order to comply with fair value
accounting disclosures only, the fair value of the loan note at 30 April 2020 has been estimated to be
£63,938,000 (30 April 2019: £56,661,000; 31 October 2019: £60,895,000) and is categorised as Level 3 in
the fair value hierarchy as described below. However, for the purpose of the daily NAV announcements, the
unsecured loan notes are valued at amortised cost in the fair value NAV because it is not traded and the
Directors expect it to be held to maturity and, accordingly, the Directors have assessed that this is the most
appropriate value to be applied for this purpose.

The following table analyses recurring fair value measurements for financial assets. These fair value
measurements are categorised into different levels in the fair value hierarchy based on the inputs to valuation
techniques used.

Financial assets at fair value through profit or loss at
30 April 2020
(Unaudited)
Level 1
£,000
Level 2
£,000
Level 3
£,000
Total
£,000
Investments includin
g derivatives:

- Equit
y investments 1,158,544 - - 1,158,544

- Fixed interest investments - - 3 3

- Current asset investments 22,052 - - 22,052

------------- --------- --------- -------------
Total financial assets carried at fair value 1,180,596 - 3 1,180,599


========
=======
====== =======



Financial assets at fair value through profit or loss at
30 April 2019
(Unaudited)
Level 1
£,000
Level 2
£,000
Level 3
£,000
Total
£,000
Investments includin
g derivatives:

- Equit
y investments 1,129,414 - - 1,129,414

- Fixed interest investments - - 5 5

- Current asset investments 29,607 - - 29,607

------------- --------- --------- -------------
Total financial assets carried at fair value 1,159,021 - 5 1,159,026
======== ====== ====== =======


Financial assets at fair value through profit or loss at
31 October 2019
(Audited)
Level 1
£,000
Level 2
£,000
Level 3
£,000
Total
£,000
Investments includin
g derivatives:

- Equit
y investments 1,128,515 - - 1,128,515

- Fixed interest investments - - 4 4

- Current asset investments 44,993 - - 44,993
------------- ---------- --------- -------------
Total financial assets carried at fair value 1,173,508 - 4 1,173,512
======== ====== ====== =======





(Unaudited)
Half-year
ended
(Unaudited)
Half-year
ended
(Audited)
Year
ended

Level 3 investments at fair value throu
gh profit or loss
30 April
2020
£’000
30 April
2019
£’000
31 October
2019
£’000
Opening balance 4 7 7

Transferred into Level 3
- -
-

Disposal proceeds -
(1) (3)
Total losses included in the Statement of Comprehensive Income on
assets held at
year end
(1) (1) -
------- ------- ----------
Closin
g balance 3 5 4
==== ==== =====

10.

Reconciliation of liabilities arisin
g from financing activities

Non-cash changes


At
1 November
2019
£'000
Cash
flows
£'000
Amortisation
of issue costs
£'000
Foreign
exchange
£'000
Other
non-cash
movements*
£'000
At
30 April
2020
£'000

Financing activities
Financing liabilities 64,823 - 4 - - 64,827
---------- -------- -------- --------- ---------- ------------
Closing liabilities from financing
activities 64,823 - 4 - - 64,827

===== ==== ==== ===== ===== =====


Non-cash changes


At
1 November
2018
£'000
Cash
flows
£'000
Amortisation
of issue costs
£'000
Foreign
exchange
£'000
Other
non-cash
movements
£'000
At
30 April
2019
£'000

Financing activities
Financing liabilities 64,827 - (8) - - 64,819
---------- -------- -------- --------- ---------- ------------
Closing liabilities from financing
activities 64,827 - (8) - - 64,819


===== ==== ==== ===== ===== =====

Non-cash changes


At
1 November
2018
£'000
Cash
flows
£'000
Amortisation
of issue costs
£'000
Foreign
exchange
£'000
Other
non-cash
movements
£'000
At
1 October
2019
£'000

Financing activities
Financing liabilities 64,827 - (4) - - 64,823
---------- -------- -------- --------- ---------- ------------
Closing liabilities from financing
activities 64,827 - (4) - - 64,823


===== ==== ==== ===== ===== =====
* The other movements column represents the proceeds from the issue of ordinary shares.

11. Goin
g concern
The assets of the Company consist of securities that are readily realisable and, accordingly, the Board believes that
the Company has adequate resources to continue in operational existence for at least twelve months from the date
of approval of the financial statements. Having assessed these factors and the principal risks, as well as considering
in particular the impact of COVID-19 thereon and on the viability of the Company, the Board has determined that it
is appropriate for the financial statements to be prepared on a going concern basis
.

12. Dividends
A first interim dividend of 5.35p (2019: 5.10p) per ordinary share was paid on 29 May 2020 to shareholders
registered on 24 April 2020. The shares were quoted ex-dividend on 23 April 2020. Based on the number of
ordinary shares in issue at 23 April 2020 of 127,756,783 the cost of this dividend was £6,835,000. The dividend was
paid from the Company’s revenue account.

The Directors have declared a second interim dividend of 5.35p (2019: 5.10p) and is payable to shareholders on 28
August 2020 to shareholders on the register on 24 July 2020. The shares will be quoted ex-dividend on 23 July
2020. Based on the number of shares in issue at 27 June 2020 of 128,607,780 the cost of this dividend will be
£6,881,000. The dividend will be paid from the Company’s revenue account.

13. Comparative information

The financial information contained in this half-year report does not constitute statutory accounts as defined in
Section 434 of the Companies Act 2006. The financial information for the half-years ended 30 April 2020 and 2019
has not been audited or reviewed by the Auditor.

The figures and financial information for the year ended 31 October 2019 have been extracted from the latest
published financial statements of the Company. These financial statements have been delivered to the Registrar of
Companies and included the report of the Auditor which was unqualified and did not contain a statement under
either section 498(2) or 498(3) of the Companies Act 2006.

A glossary of terms and details of alternative performance measures can be found in the Annual Report for the year
ended 31 October 2019.

14. Half-
year report
The half-year report will shortly be available on the Company’s website (www.bankersinvestmenttrust.com) or in
hard copy from the Company’s registered office. An abbreviated version of this half-year report, the ‘update’, will be
circulated to shareholders in July 2020.

15. General information
Company Status
The Company is a UK domiciled investment trust company.
London Stock Exchange Daily Official List (SEDOL): 0076700 / ISIN number is GB0000767003
London Stock Exchange (TIDM) Code: BNKR
Global Intermediary Identification Number (GIIN): L5YVFP.99999.SL.826
Legal Entity Identifier (LEI): 213800B9YWXL3X1VMZ69

Registered Office
UK: 201 Bishopsgate, London EC2M 3AE.

Company Registration Number
UK: 00026351
NZ: 645360

Directors
The Directors of the Company are Susan Inglis (Chairman), Julian Chillingworth (Senior Independent Director),
Isobel Sharp (Audit Committee Chairman), Richard Huntingford and Richard West.

Corporate Secretary
Henderson Secretarial Services Limited, represented by Wendy King FCG.

Website
Details of the Company’s share price and net asset value, together with general information about the Company,
monthly factsheets and data, copies of announcements, reports and details of general meetings can be found at
www.bankersinvestmenttrust.com.

50 Largest Investments
At 30 April 2020

Rank
30
April
2020

Rank
31
Oct
2019
Company Country
Valuation
31 Oct
2019
£,000
Purchases
£’000
Sales
proceeds
£’000
Appreciation/
(depreciation)
£’000
Valuation
30 April
2020
£’000
1 1 Microsoft
US

26,291

-
(2,264) 7,219

31,246
2 2 Estée Lauder

US

25,056

-

-
(727)

24,329
3 31 Amazon

US

9,008

8,000

- 6,015

23,023
4 5 Visa

US

19,145

3,498
(963) 891

22,571
5 4 American Tower

US

19,922

-
(823) 2,287

21,386
6 8 Alphabet

US

18,279

-

- 1,782

20,061
7 6 MasterCard

US

19,008

-

- 360

19,368
8 23 Apple

US

10,599

4,898

- 2,337

17,834
9 13
Intercontinental
Exchange

US

13,520

4,556

-
(466)

17,610
10 14 Adobe Systems

US

13,175

-

- 4,007

17,182
11 # Facebook

US

-

17,439

-
(315)

17,124
12 7 Berkshire Hathaway

US

18,501

-

-
(1,773)

16,728
13 10 GlaxoSmithKline

UK

16,891

-

-
(1,028)

15,863
14 # Moodys

US

-

13,727

- 1,546

15,273
15 3 American Express

US

22,757

-
(3,911) (3,733)

15,113
16 26 Netflix

US

9,632

-

- 4,802

14,434
17 18 ICON

US

12,719

-

- 1,543

14,262
18 27
British American
Tobacco

UK

9,461

2,675

- 1,360

13,496
19 15 Union Pacific

US

12,956

-

-
(133)

12,823
20 20 Intuit

US

11,903

-

- 893

12,796
21 33 DSM

Netherlands

8,716

3,047

- 760

12,523
22 12 Diageo

UK

14,005

-

-
(1,835)

12,170
23 19
The Cooper
Companies

US

12,028

-

- 142

12,170
24 25 Reckitt Benckiser

UK

9,687

1,023

- 1,227

11,937
25 22
Taiwan
Semiconductor
Manufacturing

Taiwan

10,809

-

- 606

11,415

Rank
30
April
2020
Rank
31
Oct
2019 Company Country
Valuation
31 Oct
2019
£,000
Purchases
£’000
Sales
proceeds
£’000
Appreciation/
(depreciation)
£’000
Valuation
30 April
2020
£’000
26 24
Roper
Technologies

US 9,765 - - 372

10,137
27 38 Nestlé

Switzerland 8,419 2,481 (1,074) 227

10,053
28 35 Novo-Nordisk

Denmark 8,672 1,928
(2,715) 1,993

9,878
29 9 Comcast

US 18,082 3,277
(9,677) (1,901)

9,781
30 32 Roche

Switzerland 8,999 1,235
(2,396) 1,784

9,622
31 29 Son
y

Japan 9,181 - (444) 811

9,548
32 43 Pa
yPal

US 7,729 - - 1,638

9,367
33 36 REL
X

UK 8,533 760 - (297)

8,996
34 11
Aptiv

US 14,862 - (3,689) (2,223)

8,950
35 34
Samsung
Electronics

South Korea 8,685 - - 82

8,767
36 46
Thermo Fisher
Scientific

US 7,617 - - 1,032

8,649
37 # Prosus

Netherlands 3,006 4,680 - 896

8,582
38 30 National Grid

UK 9,083 -
(886) 329

8,526
39 39 SAP

German
y 8,144 1,063 - (773)

8,434
40 # Vivendi

France 6,527 4,490
(1,022) (1,909)

8,086
41 # Telecom Italia

Ital
y - 10,232 - (2,374)

7,858
42 # Cellnex Telecom

Spain 4,558 1,723 - 1,456

7,737
43 #
Hengan
International

China - 6,315 - 1,391

7,706
44 # Taiwan Cement

Taiwan 6,756 - - 821

7,577
45 16 Ro
yal Dutch Shell

UK 12,906 - - (5,420)

7,486
46 # Midea

China 6,812 683 -
(45)

7,450
47 # SIG Combibloc

Switzerland 2,995 3,323 - 1,094

7,412
48 # Daiichi Sank
yo

Japan 6,816 - - 483

7,299
49 # Ba
yer

German
y 4,168 3,888 - (936)

7,120
50 # Rio Tinto

UK 6,117 1,381 -
(449)

7,049


------------ ------------- ------------- --------------- -------------


532,500 106,322
(29,864) 25,849 634,807

------------ ------------- ------------- --------------- -------------

All securities are equity investments
# Not in top 50 at 31 October 2019
Convertibles and all classes of equity in any one company being treated as one investment

GEOGRAPHICAL DISTRIBUTION



30 April 2020
%
31 October 2019
%
UK
21.7 25.6
Europe (ex UK)
16.4 13.7
North America
34.5 33.0
Japan
11.7 12.0
Pacific (ex Japan and China)
9.1 10.2
China
6.6 5.5
--------- ---------
100.0 100.0
===== =====

Source: Janus Henderson


REVENUE GENERATED


30 April 2020
£ million
31 October 2019
£ million
UK
5.4
12.9
Europe (ex UK)
2.4
5.0
North America
1.5
3.1
Japan
1.7
3.1
Pacific (ex Japan and China)
1.2
5.1
China
-
1.7
Emerging Markets*
-
0.6

---------
12.2
---------
---------
31.5
---------

*the Emerging Markets portfolio was closed during the year ended 31 October 2019.

Source: Janus Henderson


SECTOR ANALYSIS
As a percentage of the investment portfolio excluding cash

30 April 2020
%
31 October 2019
%
Financials 23.1 25.0
Consumer Goods 18.6 19.1
Technolo
gy 15.9 11.7
Industrials 12.4 14.3
Consumer Services 10.0 9.8
Health Care 9.5 8.1
Telecommunications 4.1 4.1
Basic Materials 3.3 3.5
Utilities 1.6 1.2
Oil & Gas 1.5 3.2
--------- ---------
100.0 100.0
===== =====


Source: Janus Henderson


Neither the contents of the Company’s website nor the contents of any website accessible from
hyperlinks on the Company’s website (or any other website) are incorporated into, or forms part
of, this announcement.